The New Jersey Economic Development Authority’s (EDA) Board of Directors in November 2011 took action to enhance the EDA’s policy for reviewing Business Employment Incentive Program (BEIP) applications to ensure alignment with Governor Chris Christie’s Strategic Job Growth Plan. (Click here for more information on the BEIP program, which provides incentives for job creation in New Jersey).
The Governor’s plan specifically highlights the importance of New Jersey’s “world-class colleges and universities that not only educate but have the potential to invest in research and development with the private sector.” Under the policy revision, the EDA changed its scoring criteria utilized in determining the grant award under BEIP as it relates to companies that are working cooperatively with public or non-profit universities on research and development.
Prior to the change, a company was given a 10 percent bonus if they were “within five miles of and working cooperatively with a public or non-profit university on research and development.” In order to more effectively promote the collaboration between the private sector and New Jersey’s institutions of higher education, EDA removed the language requiring the BEIP facility be located within five miles of the public or non-profit university, allowing all companies seeking to collaborate with New Jersey higher educational facilities in this manner to benefit from the bonus scoring.
Please click here to read the Board memo reflecting this policy change.